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Currency Monitor 2012-05-02

May 2, 2012
  • Stocks rise, with the Dow hitting a four-year high, as manufacturing data improve
  • Jobs data later this week will be key to keeping the positive momentum going
  • Dollar rallies as three Fed voting members say no further easing is required
  • Higher Treasury yields cause the YEN to weaken back through 80
  • AUD weakens as RBA cuts a bigger 50 basis points, but still within recent ranges
  • Too soon for the ECB to ease, but language needs to be watched for signs of a shift
  • Politics will drive the EUR with French and Greek elections this month; Discord is growing
  • GBP struggles to sustain gains after disappointing manufacturing; Triple-A provides support